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Stake Sale in Hyundai Sets Stage for Bidding War

By

Se Young Lee

Updated Sept. 7, 2010 12:01 a.m. ET

SEOUL—Creditors of South Korea's Hyundai Engineering & Construction Co. plan to kick off the sale process for their controlling stake in the company on Sept. 24, in a deal that is set to pit two groups of former sister companies against each other and could fetch $3 billion for the sellers.

South Korea's Hyundai Motor Group plans to submit a bid for a 35% stake in Hyundai Engineering, a person familiar with the situation said Monday, as does the much smaller and indebted Hyundai Group. Last month, three affiliates of...